Solar Hot Water Savings

Cut 63% Off Your Power Bill With Solar Hot Water

Written by Green Chip Stocks
Posted March 26, 2012 at 6:23PM

A recent study shows that using a solar thermal water heater is not just an environmentally-conscious decision, but it can also save you quite a bit of cash.

Progress Energy just released a report in which it notes that customers saved upwards of $235 a year by switching to solar thermal water heaters. That’s a whopping annual savings of 63% on the water heater portion of their power bills.

The Raleigh based company reported to the North Carolina Utilities Commission as a final part of a pilot project using 150 solar water heaters to test out the efficiency of the units.

Progress claims more than 15% of electricity used in an average home is used for heating water, so the solar thermal water heater would be a solid investment over the long-term. The biggest drawback is its high initial cost. Although currently the state of North Carolina offers a 35% tax credit. And of course, there's also the 30% federal tax incentive.

Here are some basics about solar hot water. . .